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1. your dependent can take the American opportunity credit on their personal tax return. ...

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Accounting

image1. your dependent can take the American opportunity credit on their personal tax return.

For tax year 2020, you and your spouse are both 42 years old and are filing as Married Jointly with a 19-year-old dependent in the first year of college. You have W-2 income, as well as capital gains. You also claim educational expenses, as well as medical and charitable deductions. Your total medical expense is $12,000, and charitable contributions are $5,000. W-2 income is $83,500, and capital gains are $15,000, all long-term. You receive a 1098-T from your dependent's educational institution, which lists scholarships of $18,000 and qualified expenses of $10,000. Is the following statement correct about this scenario

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